DGS nets robust earnings

JAKARTA (JP): Publicly-listed PT Daya Guna Samudera (DGS) fishing company reported yesterday a Rp 43 billion, or 51 percent, increase in its net profit to Rp 128 billion (US$37.6 million) for the first nine months of this year.

The robust performance, despite the steep depreciation of the rupiah against the U.S. dollar since July, made the export- oriented company outstanding among most other publicly-traded companies which reported sharp falls in third quarter earnings.

DGS said in a statement that it booked Rp 402 billion in total sales revenues for the three quarters.

"We are greatly optimistic about achieving our Rp 530.7 billion sales revenue target for the whole year," the statement said.

The company is a unit of the widely-diversified Djajanti Group.

The company said that since its fish and shrimp catches had not shown any indication of decline, the utilization rate of the marine resources in its concession areas (mainly in Maluku) was still much below the maximum sustainable catch.

"Our procurement of new fishing vessels this year has been going on schedule and our strong cash flow will enable us to achieve the target of our fishing fleet expansion program next year," the company added.

DGS booked a 154 percent increase in net income last year to Rp 116.36 billion and set a net profit target of Rp 157.1 billion for this year. (hen)